Italian energy giant Eni Group has officially commissioned Altar Infrastructure to provide a newly built floating production storage and offloading oil tanker for the Balaine III oil and gas development project near Ivory Coast in West Africa. The final investment decision for this project was made in May 2026, and the related cooperation covers the full cycle of new ship construction and 15 years of long-term operational services.

This is another deep collaboration between the two parties after the Balian Phase II project, which also extends the operational cycle of Altara in Cote d'Ivoire directly until the mid-2040s.

New FPSO performance adapted to deepwater development needs

This FPSO is built by Vinson New Energy in China, operating in a sea area approximately 70 kilometers from the coast of Cote d'Ivoire, covering a water depth range of 700 to 1300 meters. Its design produces 90000 barrels of crude oil per day, processes 160 million cubic feet of natural gas per day, and has a crude oil storage capacity of up to 1.4 million barrels.

After being put into operation, it will be linked with the existing Balin oilfield facilities, and the total production of the entire oilfield will increase to 150000 barrels of crude oil and 200 million cubic feet of natural gas per day, directly entering the leading offshore energy development project sequence in West Africa.

Clear positioning of local energy supply for project support

All the natural gas produced in Phase III of Balaine will be directly supplied to the domestic market of Cote d'Ivoire to supplement the local electricity gap, support local industrial development, and quickly realize the benefits of people's livelihoods without the need to lay additional long-distance transmission pipelines.

Altra has simultaneously completed the largest project financing in the company's history, obtaining long-term financial support covering the entire 15 year lease cycle from international institutional investors, completely locking in the financial stability of the entire project cycle. This cooperation further consolidates Altra's market position in the West African offshore FPSO operation track, laying the foundation for further cooperation on more offshore energy projects in Africa.

This project is built upon the deliverables of Altera Corporation. In the Balin Phase II project, the company redeployed and operated the Petrojarl Kong and Yamoussoukro floating production storage and unloading oil tankers. In the next stage, the company will further consolidate its long-term strategic partnership with Eni Group and significantly expand its business in Cote d'Ivoire. This project will extend Altera Infrastructure's operating period in Cote d'Ivoire until the mid-2040s and further enhance its cash flow reserves.

After the completion of the project, Altera will own the ownership of the FPSO and provide long-term operational services based on a 15 year lease and related operating agreements. The company claims to have completed its largest and most complex financing in history, obtaining long-term committed funds from international institutional investors. Keywords: offshore oil projects, energy

The financing provided certainty from the start of the project to the entire 15 year lease term and significantly recognized the long-term credit quality of the project. This project strengthens Altera Infrastructure's strategy of combining innovative business solutions with. World class offshore operation capabilities provide support for large-scale energy development projects around the world.Editor/Cheng Liting